Ann: December Quarterly Activities Report and Appendix 5B, page-12

Well the SP has been holding around 10c for a month on low turnover. The BTR investment is unconditional now which has to be a plus, $3.5M isn't much money for a 9.9% holding but it is a vote of confidence and we also gain access to their IP for downstream processing. BTR can't increase their shareholding in Evolution Minerals without running foul of the "Made in America" laws but I think they would be allowed to loan us some capital without too many problems and IMO that would be in the best interest of both companies.

EV1 needs some serious funds shortly to develop their mine so the only other decent options will be a USA friendly capital injection from a forward looking entity and/or an issue to current shareholders. I hope it all happens sooner rather than later or EV1 is just going to languish at their current levels or worse and will not be able to participate in the once in a lifetime opportunity presented to them.